Kakao sees 63.9% decrease in Q3 net profit

The logo of mobile messenger and internet company Kakao [KAKAO]

Kakao reported its third-quarter net profit of 49.5 billion won ($37.8 million), down 63.9 percent from a year earlier.
 
The earnings missed market expectations.
 
The company said that operating profit for the July to September period fell 6.7 percent on-year to 140.3 billion won in a regulatory filing on Thursday. Revenue increased 16.3 percent to 2.16 trillion won.
 
The average estimate of net profit by analysts stood at 108.8 billion won, according to a survey by financial data firm Yonhap Infomax.

BY KIM JU-YEON, YONHAP [kim.juyeon2@joongang.co.kr]